Cash gifts
Kollipara Sundaraiah (B.com) (2984 Points)
07 January 2021
i.t.assess cash gifts received from family members 1 lacs * 5 members cash mode allowed one finicial year under i.t.ct
3 Replies
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 09 January 2021
The definition of relative is defined under Income tax act if family member is is covered in the definition of relative then the gift income will be exempted otherwise it will be taxable
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 23 January 2021
Same is exempted only if family members covered under defination of relative
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